First Quarter 2018 Conference Call Presenters: Yvon Charest, - PowerPoint PPT Presentation

First Quarter 2018 Conference Call Presenters: Yvon Charest, President and CEO Denis Ricard, Chief Operating Officer Jacques Potvin, EVP, CFO and Chief Actuary May 10, 2018 1

Table of Contents 3 14 Highlights Book value 25 Individual Insurance (Canada) 4 15 Q1 initiatives Strain 26 Individual Wealth Management 5 16 Sales Income on capital 27 Group Insurance 6 17 Results Effective tax rate 28 Group Savings and Retirement 7 18 Items of note Equity market sensitivity 29 US Operations 8 19 Management’s view on EPS Interest rate sensitivity 30 Investment portfolio 9 20 Policyholder experience Thresholds for Q2/2018 gain or loss 31 Dividend 10 21 New capital regime Core EPS reconciliation 32 2018 guidance 11 22 Solvency ratio Premiums and deposits 33 Investor relations 12 23 Solvency ratio sensitivity AUM/AUA 34 Non-IFRS financial information 13 24 Balance sheet Mutual fund net sales 35 Forward-looking statements 2

Q1/2018 Highlights Strong start to the year: core EPS +26% YoY • Reported EPS of $1.29 and trailing-12-month ROE of 11.6% • Core EPS above guidance at $1.32 (+26% YoY); expected profit +11% YoY Profit • Favourable policyholder experience and contribution from HollisWealth • Gains from taxes and investment income on capital; negative impact from markets • Premiums and deposits of $2.9 billion (+5% YoY) and AUM/AUA of $169.7 billion (+30% YoY) • Three acquisitions to date in 2018: DAC in the US, PPI and ABEX in Canada Business • Individual Insurance sales kept pace with very good Q1 last year Growth • Net retail fund inflows of $265.5 million • Solid growth from Group Savings, Special Markets Solutions and iAAH • Solvency ratio of 121% under the new capital regime; transition favourable for iA Financial • Book value per share of $45.05: +8% YoY and +2% QoQ Strength • Dividend of $0.38/common share payable in Q2 • Issuances of $149M common shares and $150M preferred shares during Q1 3 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

Q1/2018 Initiatives • DAC: iA enters the US market for extended warranties Acquisitions PPI: iA becomes the leader in independent insurance brokerage distribution in Canada • • ABEX: MGA supporting independent insurance advisors in Western Canada • Fifth line of business reflects growing importance of operations outside Canada US • Comprises individual insurance and car dealer services (P&C activities from DAC acquisition) Operations • Comparable financial information restated for 2017 • Intention announced in February to adopt a holdco structure Holdco • Assuming shareholder and other approvals, holdco could be in place by year-end 4

Q1/2018 Sales Good fund inflows and sales growth at Group Savings, Special Solutions and iAAH First quarter ($Million, unless otherwise indicated) 2018 2017 Variation ► Individual Insurance 46.7 46.5 — ► Individual Wealth Management Segregated funds - net sales 219.7 164.7 55.0 Mutual funds - net sales 45.8 200.0 (154.2) Total - net sales 265.5 364.7 (99.2) ► Group Insurance Employee Plans 19.5 35.8 (46%) Dealer Services (Creditor Insurance and P&C) 122.2 122.2 — Special Markets Solutions 65.0 54.5 19% Total 206.7 212.5 (3%) ► Group Savings and Retirement 535.3 475.2 13% ► US Operations ($US) Individual Insurance 17.3 17.7 (2%) Dealer Services - P&C 88.1 — — ► iA Auto and Home 62.2 59.4 5% 5 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

Q1/2018 Results Earnings above guidance and solvency ratio above new target Guidance Q1/2018 results Reported: $1.29 EPS $1.15 to $1.25 Core 1 : $1.32 Reported: 11.6% ROE 11.0% to 12.5% (trailing twelve months) Core: 11.7% Quarterly range Strain 14% from 0% to 15% Effective tax rate 21% to 23% 20% Solvency ratio 2 112% to 116% 121% 25% to 35% Payout ratio 29% (mid-range) This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information. 6 1 See "Reported EPS and Core EPS Reconciliation" in this slide package 2 New capital regime

Q1 Items of Note Good operating results EPS impact +11¢ +3¢ +3¢ -1¢ -4¢ Market- Strain Policyholder Taxes Investment related experience income on capital (details on following slide) Note: The common share offering had a dilutive impact of $0.01 EPS in the first quarter, and will have an estimated dilutive impact of $0.11 EPS for the year in 2018. 7 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

Management’s View on EPS 26% YoY core 1 EPS growth Q1 Core 1 EPS Q1 Reported EPS Q1 Reported EPS $1.29 Adjusted for: $1.32 $1.29 Market-related loss +$0.04 $1.22 Experience gains/losses in excess of $0.04 EPS $1.15 ► Group Insurance -$0.01 Analyst iA Analyst iA Q1 Core 1 EPS $1.32 consensus consensus result result Q1/2017 Core EPS 1,2 $1.05 YoY Growth 26% 1 See "Reported EPS and Core EPS Reconciliation" in this slide package. 2 Adjusted following the addition of fifth line of business (US Operations). 8 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

Policyholder Experience (excluding market impact) A solid Q1 2018 2017 2016 EPS impact 2017 2016 in cents 1 annual annual Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Individual Insurance 4 (4) 1 (2) (13) 15 6 3 2 (18) 26 Group Insurance 5 3 (1) (4) (1) (9) 0 1 7 (3) (1) Individual Wealth 2 (1) 0 2 3 0 4 3 0 4 7 Management Group Savings 1 1 (1) 1 1 (2) 1 2 0 2 1 and Retirement US Operations (1) 0 (1) 1 (2) 1 1 1 0 (2) 3 Total 11 (1) (2) (2) (12) 5 12 10 9 (17) 36 iAAH 0 0 1 (4) (3) (3) (3) (1) 0 (6) (7) (in income on capital) 9 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information. 1 Adjusted for the addition of fifth line of business (US Operations)

New Capital Regime • Transition slightly favourable: $100M increase in excess capital 1 Transition • No change to investment portfolio required • iA's target: 112% to 116% New • Reflects iA's risk profile target • New regime is more robust Stricter on the definition of available capital ◦ Risk-based formula applied to real cash flows ◦ • iA's capital much less sensitive to interest rate variations • iA's sensitivity to equity markets will be lower with the upcoming credit for hedging seg fund guarantees 1 Capital in excess of a 150% ratio under the old regime or a 100% ratio under the new regime 10 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

Capital Position Solvency ratio remains above target Solvency ratio Solvency ratio under new regime 2 under old regime 1 (%, 2018) (%, end of period) Key changes 225 during the quarter 213 121 209 120 185%-200% 112%-116% target ► -5% Acquisitions (DAC & PPI) ► +4% Share issuances ► +1% Interest rate risk reduction ► +1% Profit and others 2015 2016 2017 Jan. 1 March 31 1 CAR under the AMF's capital guideline in Quebec, comparable to MCCSR 11 2 CARLI under the AMF's capital guideline in Quebec, comparable to LICAT This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

Solvency Ratio Macroeconomic Sensitivity Ratio more stable under new regime ► Equity market variation 1 (30%) (20%) (10%) +10% +20% +30% ► Impact on solvency ratio (in percentage points) (4%) (1%) — +1% +4% +5% ► Interest rate variation 2 (50 bps) (25 bps) +25 bps +50 bps ► Impact on solvency ratio (in percentage points) — — — +1% 1 Equity market variation represents an immediate change in public and private equity investments (excluding infrastructure investments), at quarter-end. 2 Interest rate variation represents an immediate parallel change in interest rates (entire yield curve), at quarter-end. Note: Actual results can differ significantly from the estimates presented in this slide for a variety of reasons. See the Management's Discussion and Analysis document for more details. 12 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.

A Flexible Balance Sheet March 31 December 31 March 31 2018 2017 2017 Agency Rating Old regime 1 --- 209% 222% Solvency ratio S&P A+ New regime 2 3 121% 120% --- A.M. Best A+ (Superior) Leverage ratio 23.5% 22.4% 23.4% Coverage ratio DBRS A (high) 14.1x 13.3x 13.0x Potential capital capacity from debt Leverage ratio at 30% = +$600M or +8.5 percentage points under new regime 2 1 CAR under the AMF's capital guideline in Quebec, comparable to MCCSR 2 CARLI under the AMF's capital guideline in Quebec, comparable to LICAT 3 As at January 1, 2018 13 This slide presents non-IFRS financial measures. See "Non-IFRS Financial Information" at the end of this document for further information.